diff --git a/pkgs/racket-pkgs/racket-doc/scribblings/reference/serialization.scrbl b/pkgs/racket-pkgs/racket-doc/scribblings/reference/serialization.scrbl
index 12bdb29860..980bdd5dc2 100644
--- a/pkgs/racket-pkgs/racket-doc/scribblings/reference/serialization.scrbl
+++ b/pkgs/racket-pkgs/racket-doc/scribblings/reference/serialization.scrbl
@@ -554,7 +554,7 @@ must be one of the following:
  top-level is assumed. Before trying an exporting module directly,
  its @racket[deserialize-info] submodule is tried; the module
  itself is tried if no @racket[deserialize-info]
- submodule is available. In either case, @racket[syntax-e] is used to
+ submodule is available or if the export is not found. In either case, @racket[syntax-e] is used to
  obtain the name of an exported identifier or top-level definition.}
 
  @item{If @racket[deserialize-id] is a symbol, it indicates a
diff --git a/racket/collects/racket/private/serialize.rkt b/racket/collects/racket/private/serialize.rkt
index 8003cc13ee..7855eece0b 100644
--- a/racket/collects/racket/private/serialize.rkt
+++ b/racket/collects/racket/private/serialize.rkt
@@ -658,12 +658,15 @@
                             (let ([p (unprotect-path (car path+name))]
                                   [sym (revive-symbol (cdr path+name))])
                               ((deserialize-module-guard) p sym)
-                              (let ([sub (add-submodule p)])
+                              (let ([sub (add-submodule p)]
+                                    [fallback
+                                     (lambda ()
+                                       ;; On failure, for backward compatibility,
+                                       ;; try module instead of submodule:
+                                       (dynamic-require p sym))])
                                 (if (module-declared? sub #t)
-                                    (dynamic-require sub sym)
-                                    ;; On failure, for backward compatibility,
-                                    ;; try module instead of submodule:
-                                    (dynamic-require p sym))))
+                                    (dynamic-require sub sym fallback)
+                                    (fallback))))
                             (namespace-variable-value (cdr path+name)))])
               ;; Register maker and struct type:
               (vector-set! mod-map n des))